The deal, which is expected to close within the next three months, will add nearly $1.5 billion to the total client assets of Canaccord's Wealth Management unit.

A group led by the management of Canaccord Genuity said on Jan. 9 it would launch a takeover bid for the Canadian financial services firm, valuing it at nearly C$1.13 billion after it lost 44% of its market capitalization last year.

Canaccord offers wealth management, investment banking and broker research services.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Vinay Dwivedi)